Business Category: A technology provider of InsurTech tools to insurance practitioners
Maturity Status: Emerging (actively in the marketplace but product is not in production)
Product or Service: Prolego.ai
Area: Life & Health Insurance
Prolego.ai’s solution for life insurance augments underwriter’s workflow with predictive insights. We develop predictive models that can automate and streamline underwriting in life insurance.
Our advanced AI platform continuously learns from the underwriter’s decisions and high volumes of data ingested from insurance companies. We derive actionable insights that can significantly decrease the customer acquisition costs for life insurance companies (saving them $2-$20 million per year), cut the underwriting time in half, and generate more sales through increased customer satisfaction.
What makes us an InsurTech:
Prolego.ai develops proprietary predictive models that can be trained on a carrier’s historical data to assess the necessity of medical tests for new applications. This allows the insurance company to minimize invasive medical tests, while mitigating risk exposure. Additionally, our models can automate underwriting by predicting an individual’s risk level based on their initial application.
We deliver the only purpose-built AI solution platform for life insurance carriers that leverages data from insurance applications, paramedical tests, medical reports, and underwriting notes to gather meaningful insights.
AI can help life insurance companies leverage the abundance of proprietary data they have accumulated over the years. Carriers that seize this opportunity will gain a tremendous competitive advantage and Prolego.ai strives to help them start this transformation.
Major features & technology used:
Prolego.ai uses Natural Language Processing to read unstructured applications and medical reports to pull relevant pieces of information. Additionally, we leverage the latest advancements in machine learning to identify key trends and draw unique insights to augment underwriting. Using our past experience developing advanced predictive models, as well as our connections with the top AI research institutions, we continuously leverage the latest research to achieve the best possible predictions.
Prolego.ai was founded in Toronto, Canada by four passionate University of Toronto engineering, mathematics, and statistics students. To learn more about Prolego.ai, visit www.prolego.ai or contact [email protected].
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